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Friday, April 27, 2018

Daily update 4/27

Resistance held today.


SPX is finding resistance at last years close (2674).  It was like a brick wall today.  Breadth was +54%.  New highs were stable at 63.  New lows dropped again to 48 as bonds rallied.


The futures tested yesterday's high, but failed to stay above it.  No confirmation of a break of the 20 yet.


The green count did not quite cross the red line, but it is close.

The bulls have more work to do to get control.  I do not know how stiff the resistance at last year's close is.  Will the earnings next week keep the buyers interested?  AAPL is up on deck Tue. after the close.  The FED on Wed. There has been lots of worry about IPhone sales which has been hammering the SOX index.  FB and AMZN did their part to hold the market up.  Will any other companies rise to the challenge?  I guess we will see.


Have a great weekend.

Bob

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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.